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Iran continues to cut reliance on oil revenue

Oil&Gas Materials 24 November 2020 16:18 (UTC +04:00)
Iran continues to cut reliance on oil revenue

TEHRAN, Iran, Nov.24

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Iran's reliance on oil sales in the budget for the next Iranian year (starts March 21, 2021) would not be more than last Iranian year(started March 21, 2019), said an Iranian government spokesman.

"The reliance on oil revenue in the country's ongoing budget should not return to the previous state prior to sanction situation," said Ali Rabie, Trend reports citing IRNA.

"The country's budget in coming years would be the same volume or even less and any increase in oil revenue should only be used for infrastructure development and social welfare and support. The social support would include plans to improve people's lives and increasing their income and businesses," he said.

According to him, the next Iranian year (starts March 21, 2021) budget plan would increase taxes without pressuring ordinary taxpayers, the plan would prevent tax evasion and create new transparent resources.

"The projected tax incomes in the first seven months of the current Iranian year (started March 20, 2020) was achieved. The government follows to reduce unnecessary costs and generate revenue from its assets. One of the solutions for foreign currency revenue is expanding non-oil export," he added.

Rabie went on to say that Iran has important capacities to attract foreign investment and should not ignore it. Iran has an 80 million population and good domestic market and access to markets in neighboring countries. Furthermore, Iran has rich resources which is an exceptional opportunity for foreign investors.

"It has been forecasted that lifting sanctions against Iran would create the possibility for foreign companies to have aces to Iran and its neighbor markets. Foreign countries are interested in investment and there were recently some contacts between foreign and domestic companies that used to work before sanctions," he noted.

He also pointed out that some foreign companies are currently seeking to reopen their offices, while some companies that did not cut their cooperation despite sanctions are now have more possibilities to be active in the current situation.

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